Ok, no one particularly likes paying tax but, as a tax advisor, it’s bad tax legislation that really makes me mad. The most recent example has been the changes to child benefit payments – so that a family with an earner over £50k starts to have their child allowance clawed back.
The ICAEW this week highlighted 12 key problems with the proposals as they stand. Highlights include:-
Unfairness – as two families with the same household income could be taxed very differently
Complex – as many as 500,000 new people would have to complete tax returns
Confidentiality – to complete your return properly you need to know your partner’s income. What if they won’t tell you?
There’s even a question mark over whether the method is even legal under European law.
The draft legislation as it stands needs to be stopped until these problems are sorted out.
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